Avidity Biosciences (NASDAQ:RNA) Trading Up 4.1% – Still a Buy?

Avidity Biosciences, Inc. (NASDAQ:RNA) shares were up 4.1% on Wednesday . The stock traded as high as $27.29 and last traded at $27.83. Approximately 91,923 shares traded hands during trading, a decline of 93% from the average daily volume of 1,348,513 shares. The stock had previously closed at $26.74.

Analyst Ratings Changes

A number of research firms have recently issued reports on RNA. Barclays reduced their price target on shares of Avidity Biosciences from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. BMO Capital Markets assumed coverage on Avidity Biosciences in a report on Wednesday, March 12th. They set an “outperform” rating and a $72.00 price objective for the company. Chardan Capital reissued a “buy” rating and issued a $65.00 target price on shares of Avidity Biosciences in a report on Monday, March 17th. HC Wainwright reaffirmed a “buy” rating and set a $72.00 price target on shares of Avidity Biosciences in a research note on Monday, March 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Avidity Biosciences in a research note on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Avidity Biosciences presently has an average rating of “Buy” and a consensus target price of $66.69.

Avidity Biosciences Stock Up 8.5 %

The stock has a 50 day simple moving average of $31.46 and a 200 day simple moving average of $36.96. The company has a market cap of $3.49 billion, a price-to-earnings ratio of -10.12 and a beta of 1.02.

Avidity Biosciences (NASDAQ:RNA) last released its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million during the quarter, compared to analysts’ expectations of $1.74 million. Avidity Biosciences had a negative return on equity of 27.66% and a negative net margin of 2,772.45%. As a group, equities research analysts expect that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Teresa Mccarthy sold 2,959 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the completion of the transaction, the insider now directly owns 104,908 shares in the company, valued at approximately $2,999,319.72. This represents a 2.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Michael F. Maclean sold 3,287 shares of Avidity Biosciences stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $93,975.33. Following the completion of the sale, the chief financial officer now owns 104,655 shares of the company’s stock, valued at approximately $2,992,086.45. This trade represents a 3.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 73,443 shares of company stock valued at $2,241,889 in the last quarter. Company insiders own 3.68% of the company’s stock.

Hedge Funds Weigh In On Avidity Biosciences

A number of hedge funds have recently bought and sold shares of the company. PEAK6 Investments LLC lifted its holdings in Avidity Biosciences by 4.9% during the 3rd quarter. PEAK6 Investments LLC now owns 7,343 shares of the biotechnology company’s stock worth $337,000 after buying an additional 343 shares during the last quarter. Aaron Wealth Advisors LLC lifted its stake in Avidity Biosciences by 6.6% during the fourth quarter. Aaron Wealth Advisors LLC now owns 8,102 shares of the biotechnology company’s stock worth $236,000 after purchasing an additional 504 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in Avidity Biosciences by 8.0% in the fourth quarter. Quantinno Capital Management LP now owns 7,026 shares of the biotechnology company’s stock worth $204,000 after purchasing an additional 518 shares during the period. National Bank of Canada FI bought a new stake in Avidity Biosciences during the third quarter valued at $27,000. Finally, New York State Common Retirement Fund raised its holdings in shares of Avidity Biosciences by 0.3% during the fourth quarter. New York State Common Retirement Fund now owns 184,811 shares of the biotechnology company’s stock worth $5,374,000 after purchasing an additional 598 shares during the period.

About Avidity Biosciences

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.